I have turbotax for self employed. I get a k-1. how do i enter my 401k contribution on line 28?

 

Retirement tax questions

Enter self-employed retirement in the Search box located in the upper right of the program screen. Click on Jump to self-employed retirement

 

dmertz
Level 15

Retirement tax questions

If you receive a Schedule K-1 (Form 1065) from a partnership, when you enter the amount shown with code R in box 13, TurboTax will ask you to provide a breakdown of the 401(k) contribution into employee elective deferrals and employer profit-sharing or matching contribution.

 

To be eligible for this contribution your Schedule K-1 (Form 1065) must show with code A your net earnings from self-employment.

 

If your Schedule K-1 is instead from an S corp, you are not self employed (except with respect to a self employed health insurance deduction).